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"i thought you did not like watt? "
maybe i change my mind.
you spell that wrong
llllloooooooooooooovvvvvvvvvveeee him. when they put a statue in front of the central fnf clearing house, we'll all go rub the nose for luck.
i wonder if the ugly comment about wallison had any effect.
30% 30% 30 cents on the dollar!!!!!
the t-fud index just went over 30cents to the dollar
The NYT spreads AEI’s Big Lie of the Crisis
Poor judgment to run a fallacious column from Peter Wallison
http://www.cjr.org/the_audit/the_nyt_spread_the_big_lie_of.php
i could not have said it better myself
Is anyone listening to him?
i don't know, but i wish i made themoney he made talking nonsense. i also wish i got all those free lunches.
the wolf is back at the door yelling "fire"
http://www.nytimes.com/2014/01/06/opinion/the-bubble-is-back.html?ref=opinion&_r=0
all we need is pinto to chime in with more phoney stats.
this should keep rich (30-1) sen warner busy for the next few months
Ed Gillespie, a former Republican National Committee chairman, said Saturday he's not ready to say whether he'll seek the GOP nod to run against Sen. Mark Warner this year. But he's getting close.
"I have concluded it is a winnable race," Gillespie said after addressing a breakfast meeting of the Norfolk Republican Party at Cagney's restaurant. "I'm very touched that a lot of my friends and fellow Republicans in Virginia think that I could be a good standard bearer for us."
watt agenda
At the top: Restore Fannie and Freddie’s earlier “focus on working and middle income families” and jettison DeMarco’s “myopic focus on restoring the short-term (financial) health of Fannie Mae and Freddie Mac.” The latter approach may have helped produce billions in payments to the Treasury, but it “has harmed not only individual families but also the housing market as a whole.”
Next, “develop a principal reduction program to prevent foreclosures.” DeMarco’s refusal to allow principal forgiveness in connection with troubled loan workouts infuriated Democrats in Congress and community groups, and was a key reason why Obama brought in Watt. He’ll deliver the goods.
Also on the agenda:
Reverse DeMarco’s decision to “punish states for protecting homeownership during the foreclosure process.” Watt has already done this — at least prospectively. As part of the delay he announced for fee hikes, Watt put on ice DeMarco’s plan to leave controversial “adverse market fees” in place for new mortgages on properties in four states — Connecticut, Florida, New Jersey and New York — where judicial foreclosure timelines are unusually long.
Restrain guarantee-fee (G-fee) increases, which under DeMarco have moved from about 21 basis points to more than 50 basis points. Already accomplished by the delay.
Fulfill the “duty to serve” rule given to FHFA by the Housing and Economic Recovery Act of 2008 (HERA). This requires Fannie and Freddie to step up efforts toward (1) increasing the availability of credit for manufactured housing, (2) preserving/rehabilitating affordable rental units, and (3) better serving rural areas. Watt, a Yale Law School graduate, is highly likely to agree to comply with the law.
Initiate a stronger push to fund affordable rentals.
Capitalize the National Housing Trust Fund and the Capital Magnet Fund, which support the development of rental units affordable for very low-income families. The HERA law in 2008 directed FHFA, Fannie and Freddie to put money into these pots — a longtime goal of Barney Frank, the former Democratic congressman from Massachusetts who played a major role in shaping the law, but watched in frustration as DeMarco put priorities elsewhere. Look for long-delayed action under Watt.
- See more at: http://www.inman.com/2013/12/31/watts-vision-of-fannie-and-freddies-role-good-for-housing-in-the-broadest-sense/#sthash.V8esxkvU.dpuf
Wells Fargo & Co. WFC +0.07% announced today that the Company has reached an agreement with the Federal National Mortgage Association (Fannie Mae) that resolves substantially all repurchase liabilities related to loans sold to Fannie Mae that were originated prior to Jan. 1, 2009.
The $591 million agreement was adjusted for credits related to certain prior repurchases, resulting in a one-time cash payment to Fannie Mae of approximately $541 million. At Sept. 30 2013, Wells Fargo had fully accrued for the cost of the agreement.
pfds growth
in the past two months, growth has slowed to 19-20% by the tfud index:
314.5 ,,, 1300 ,,, 24.19 ,,, 1-Nov
348.03 ,,, 1300 ,,, 26.77 ,,, 9-Nov
353.93 ,,, 1300 ,,, 27.22 ,,, 3-Dec
344.34 ,,, 1300 ,,, 26.49 ,,, 7-Dec
349.9 ,,, 1300 ,,, 26.92 ,,, 14-Dec
376.63 ,,, 1300 ,,, 28.97 ,,, 20-Dec
374.26 ,,, 1300 ,,, 28.79 ,,, 28-Dec
Here come another judge...
isn't that great news. a 2008 case is now going forward. happens to also be 34B. 6 years old. anyone planning to spend the winnings from the 2013 case against fnf in the near future?
taxes on home loan default.
if a person ows 100K, and gets a 20k wavier to only owe 80K, they owe taxes on the forgiven 20K according to today's wash post.
even fox news likes the housing market!!!!???
http://video.foxbusiness.com/v/2969546477001/how-strong-is-the-housing-recovery/
us govt refuses to pay tribes after supreme court says "pay up"
http://www.washingtonpost.com/politics/federal-contractors-on-edge-as-indian-tribes-wait-for-claims/2013/12/22/5662fe28-5c3e-11e3-95c2-13623eb2b0e1_story.html
this is very disturbing.
supreme court has told govt to pay tribes about 2BB, and they no pay. wonder if feds will pull same stunt with fnf.
would you buy a car from these guys?
"Just sell the senior preferreds to private investors but change the rate to 6% with an option to convert to common stock at a price of $6. Works for me!"
with what these thieves have done with selling pfds with all kind of love and personal assurances, i would not buy a 6% pfd from these thieves unless irrovicablly guaranteed by the fed govt and cume. 7+% pfds are available from many euopean banks. some 8% ers are also.
the t-fud index rocks
194.05 ,,, 1300 ,,, 14.93 ,,, 10-Aug
190.22 ,,, 1300 ,,, 14.63 ,,, 17-Aug
196.7 ,,, 1300 ,,, 15.13 ,,, 24-Aug
206.23 ,,, 1300 ,,, 15.86 ,,, 31-Aug
231.45 ,,, 1300 ,,, 17.80 ,,, 6-Sep
241.66 ,,, 1300 ,,, 18.59 ,,, 13-Sep
248 ,,, 1300 ,,, 19.08 ,,, 24-Sep
249.53 ,,, 1300 ,,, 19.19 ,,, 28-Sep
248.55 ,,, 1300 ,,, 19.12 ,,, 4-Oct
248.55 ,,, 1300 ,,, 19.12 ,,, 12-Oct
254.91 ,,, 1300 ,,, 19.61 ,,, 18-Oct
285.91 ,,, 1300 ,,, 21.99 ,,, 25-Oct
314.5 ,,, 1300 ,,, 24.19 ,,, 1-Nov
348.03 ,,, 1300 ,,, 26.77 ,,, 9-Nov
353.93 ,,, 1300 ,,, 27.225 ,,, 3-Dec
344.34 ,,, 1300 ,,, 26.49 ,,, 7-Dec
349.9 ,,, 1300 ,,, 26.92 ,,, 14-Dec
376.63 ,,, 1300 ,,, 28.97 ,,, 20-Dec
almost doubled since aug 10, and approaching 30% of RV.
response
the response is from the seattle firm to the tsy request to dismiss. the seattles sounded very good.
you can find it here
https://groups.google.com/forum/#!topic/freddienfannie/1GDBnW_jXdg
what happened to bryndon fisher 's reposnse by us govt that was due yesterday?
it was yesterday posted, and 61 or or 81 pages. it was a very strong response, and i presume that is one of the reasons for the big boost in stock prices,
" Instead, commons are held by mostly stupid retail investors and day traders and are much easier to shake and accumulate."
most people buy stock to make a buck, not to see how much they can accumulate.
under normal circumstances, drastic reduction of float creates instability,and in this case, should run the prices up of short supply up big time. will come crashing down if bad news arrives.
i see fnma volume is over 20MM a day, so there is plenty out there for me if i wish.
the pfds are plodding up at about 1% a day.
'I did expect a squeeze (common) '
how you get a squeeze when almost 90% of the stock is still out on the open market. think someone will try to buy a billion bucks worth of the stuff and take it all off the market. the last squeeze i read about, porsche bought a ton of vw options, and disappeared the stock.
http://www.docstoc.com/docs/96603074/Office-of-Domestic-Finance
check on the upper left hand side.
director financial instutions policy
he reported directly to michael barr...remember him? he was the guy tasked with fixin fnf
Mario Ugoletti
Director
Office of Financial Institutions Policy
Department of the Treasury
1500 Pennsylvania Avenue
Washington, DC 2022
guy moved from tsy to fhfa a few years ago. does not appear to be very active
Mario Ugoletti declaration on 12/17 cannot cut and paste
who represented the stockholders during these negoations? fhfa? this is the first time i have heard of this guy.
"
when watt, and when demarco get reassigned? or is watt already on the job?
i am learning that the folks who send the tips through their newsletter have alreday bought and the subscribers are the scapegoats
about 15 years ago, i bought the S&P star recommondation service. they front ran the daylights out of it, and reported phoney profits. surprised?
'I debated and decided that discretion was the better form of valor in that particular arena but wholly support your decision! I like how he claimed the taxpayers were still owed 80B.'
as you may or may not recall, cb?? or something said fnf were down 500Bto 1 T. fnf still owe a lot of that 500B!!!
Mel Watt: A New Captain In Charge Of America's Housing Market
http://www.npr.org/2013/12/13/250656141/n-c-rep-mel-watt-confirmed-as-fannie-freddie-regulator
He said that's because his confirmation flips the leverage 180 degrees — to favor Democrats instead of Republicans.
One example: DeMarco was starting to wind down Fannie and Freddie and tighten credit. Watt is expected to keep the money flowing more freely to the mortgage market. And that could give Democrats more time and leverage to push through reforms that they want.
http://www.rollcall.com/news/congress_should_oppose_second_wall_street_bailout_commentary-229604-1.html?pos=oopih
By Scott Whaley
Dec. 13, 2013, 5 a.m.
Preferred shareholders of Fannie Mae and Freddie Mac continue to pressure Congress and the media to support their attempted heist of $35 billion of taxpayer money to recoup their losses in the aftermath of the government takeover of the failed housing giants. Congress should dismiss the fraud these shareholders are attempting to perpetrate and move forward with legislation to liquidate Fannie and Freddie and protect taxpayers from investors who made a risky bet and lost.
....Scott Whaley is the 2014 president of the National Real Estate Investors Association
this is an investor association. they want fnf gone, so they can share the wealth
http://www.housingwire.com/articles/28287-corker-warner-bill-a-triple-threat-to-recovery-trio-says
The Corker-Warner Bill that would dissolve Fannie Mae and Freddie Mac violates the rule of law, is unfair to existing shareholders and contributes to the uncertainty in the housing market, according to three housing-industry insiders.
Tim Pagliara, Chairman and CEO of CapWealth Advisors, Joshua Rosner, managing director at Graham Fisher & Co., and Anthony Sanders, professor of finance in the School of Management at George Mason University, assailed the bill Tuesday in a media conference organized by the Center for Individual Freedom.
The problem with the bill, they claim, is that it seeks to replace Freddie and Fannie with another government institution that retains some of the same problems of the current GSEs, as well as introducing new ones.
For Pagliara, who owns significant interest in Freddie and Fannie, the treatment of existing shareholders undermines the credibility of any new institution.
“Until the Treasury deals fairly with the investors in the private mortgage market, until they demonstrate a willingness to deal within the rule of law, they won’t get private investors,” Pagliara said. “Nobody wants Tony Soprano as a business partner.”
I recall mbers said it was inversely related to one the bond indexes?
10 yrs Tsy? i forge
i think she was talking about bond prices of fnf, not pfd prices.
He has a 5 year term?
you asking me, or telling me. if so, can obama appoint a replacement (with congressional approval) at any time?
controlling watt??
to whom does watt report? can anyone tell him what to do? is some form of impeachment by congress the only way to get rid of him?
if not, the 5 trillion dollar man is one of the most powerful in the world.
who is "our attys? is that boies et al?
fhfa says they deserve all that money cause the risk is so high.
http://www.mortgagenewsdaily.com/12102013_fhfa_gse_reform.asp
i thought "private money"(ENRO) i think, got into the CA system and robbed them blind. brokered the energy and screwed them good. thank god GS and the wall st banks would never do that to fnf............
to answer the last 2 posts:
paulson stated that the options were put in place and would only be used in case someone unacceptable attempted to adversely gain control of the common.
the prices of the 7-8% interest pfds in 2007-2008 were very close to face value. some traded at a premium. you can find these by searching fnmas(for example)in google.
csp
As for progress on the “common securitization platform” project, many believe that Watt will not make it a top priority. The CSP has been a pet project for Acting Director Ed DeMarco…
Meanwhile, it’s no secret that Watt was angered by GOP comments that he was unqualified for the job. As for DeMarco, no one knows what his next move will be. It’s very likely he will stay on at the agency. Regarding the CSP, Inside Mortgage Finance was told that DeMarco might possibly name a chairman for the platform, and let Watt have the final say on the CEO slot. Two mortgage executives interviewed for the CEO job include Peter Carroll, a top official at the Consumer Financial Protection Bureau, and Luke Hayden, a former top executive at JPMorgan Chase. There’s also a chairman slot at the CSP that needs to be filled. We understand that Ed Watson, a former EVP of operations and technology for Fannie Mae, is a candidate. A recent bio on Watson notes that at Fannie he “was responsible for all development, infrastructure and operations services across” the GSE.
http://legaltimes.typepad.com/blt/2013/12/judge-approves-153-million-settlement-in-fannie-mae-securities-class-action.html
A Washington federal trial judge today approved a $153 million settlement between Fannie Mae and shareholders who sued the mortgage giant for securities fraud.
i think it a "consolidated case", and only one will be heard. even though a dozen or so have been filed, i doubt a second one will be heard after the first decision, unless it is decided on very narrow grounds